Reinsurance News
Trust Re committed to the future, parent to inject $130 million in 2019
2nd July 2019
Bahrain domiciled reinsurer Trust Re has reaffirmed its commitment to the marketplace and has revealed that its parent company, Nest Investment Holdings Ltd., is to inject $130 million of replacement funds into the reinsurer in 2019. Trust Re says that the $130 million capital injection from its parent is in light ... Read the full article
Apollo Syndicate hires Littlefair as Head of Reserving & Analytics
2nd July 2019
Independent specialist insurer and reinsurer Apollo Syndicate Management (Apollo) has named Christopher Littlefair as Head of Reserving and Analytics, effective immediately. This newly created position forms part of the company's focus on the development of analytical skills and efficiency within the business. Littlefair brings more than two decades of experience working as ... Read the full article
Fednat grows catastrophe reinsurance program at July renewals
2nd July 2019
Florida-based FedNat Holding Company has announced the renewal of its catastrophe reinsurance program for 2019-2020, which includes a slight increase to its aggregate limit. The aggregate reinsurance limit was increased from $1.79 billion to $1.84 billion at the July 1 renewals, FedNat reported. At the same time, the aggregate private market limit ... Read the full article
AIG Life & Retirements appoints CEOs for Individual & Group units
2nd July 2019
AIG Life & Retirement, a division of AIG, has promoted Todd Solash as Chief Executive Officer (CEO) of its Individual Retirement business, and Rob Scheinerman as CEO of AIG Retirement Services, its Group Retirement business. The appointments of Solash and Scheinerman, who were each previously President of their respective units, follow ... Read the full article
Sennott appointed Chairman, CEO & President of Alleghany’s CapSpecialty
2nd July 2019
Alleghany Corporation has named Jack Sennott as Chairman, Chief Executive Officer (CEO) and President of its commercial property, casualty and surety insurance subsidiary, CapSpecialty, Inc. Sennott previously served as Senior Vice President (SVP) and Chief Financial Officer (CFO) of Alleghany, and is to be replaced by Kerry Jacobs, effective immediately. Jacobs previously ... Read the full article
TransRe Zurich redomiciles to Luxembourg, Jonathan Hewitt named CEO
2nd July 2019
Alleghany Corporation's wholly owned reinsurance subsidiary, Transatlantic Holdings, Inc. (TransRe) has redomiciled its TransRe Zurich Ltd subsidiary to Luxembourg, and renamed the division TransRe Europe S.A. TransRe is headquartered in New York with operations across the globe. The reinsurer states that the redomicile from Zurich to Luxembourg supports its long-term commitment ... Read the full article
Greenlight Re Innovations invests in specialist travel insurer, Battleface
2nd July 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has made a strategic investment in specialist travel managing general agent, Battleface, Inc. Battleface specialises in insurance services for travel to remote, unstable or dangerous parts of the world. The company's tech-driven platform is designed ... Read the full article
USI Insurance Services completes acquisition of U.S. Risk
2nd July 2019
USI Insurance Services (UCI) has completed its previously announced acquisition of U.S. domiciled brokerage, U.S. Risk Insurance Group. The terms of the transaction were not disclosed, but it's been revealed that U.S. Risk will keep its Dallas headquarters and will continue to operate independently under its existing brands, U.S. Risk, Oxford, ... Read the full article
UK insurers well-placed, but no-deal Brexit could have significant implications: S&P
2nd July 2019
S&P Global Ratings sees broadly stable trends for the UK insurance sector but warns that a no-deal Brexit outcome could have important long and short-term implications for the UK economy, which could be a key risk for ratings on UK insurance firms. The global financial services ratings agency maintains a base-case ... Read the full article
Sompo creates Global Transactions Group to manage M&A, joint ventures
2nd July 2019
Bermuda-based specialty re/insurer Sompo International Holdings has created a Global Transactions Group, which will take overall responsibility for all mergers and acquisitions (M&A), intercompany transactions and joint ventures. The group, comprising of senior professionals at Sompo, will be tasked with overseeing both insurance and non-insurance transactions, such as insurtech and healthcare ... Read the full article
Moody’s to establish global cyber risk standard with Team8 think tank
2nd July 2019
Moody’s Corporation has announced that it plans to establish a global standard for evaluating and assessing cyber risk in partnership with cybersecurity think tank and company creation platform Team8. The joint venture aims to combine Moody’s experience in developing methodologies and global standards to measure risk with Team8’s expertise in cybersecurity ... Read the full article
R&Q terminates joint re/insurance debt venture with Phoenix
2nd July 2019
Randall & Quilter Investment Holdings Ltd. (R&Q) has agreed to terminate its joint venture arrangement with Phoenix Asset Management Partners Ltd, which it formed in 2014 to acquire re/insurance debt in insolvent estates. R&Q is set to acquire the residual Phoenix interest in the RQLM operations for a cash consideration of ... Read the full article
Reinsurers see “tangible pricing momentum” at July renewals: Willis Re
1st July 2019
After a hesitant start to the year, reinsurers have experienced “tangible pricing momentum" at the mid-year renewals, according to Willis Re, although improvements are falling short of those seen in the primary markets. The broker’s 1st View report observed reinsurance pricing increases across most territories at the July renewals, with some ... Read the full article
RT Specialty adds Matt Bernal to Property Practice Group in San Francisco
1st July 2019
RT Specialty, a subsidiary of Ryan Specialty Group, has appointed Matt Bernal as a Vice President in its Property Practice Group, based in San Francisco. He joins RT Specialty from Hiscox, where he most recently managed property lines for all the company’s territories outside the Southeast. While at Hiscox, Bernal focused on ... Read the full article
INSTANDA targets speed & efficiency with MGA start-up service, IMGA
1st July 2019
Cloud-based digital insurance platform, INSTANDA, has announced the establishment and launch of an MGA start-up service, IMGA. IMGA is designed to provide all the technical capabilities to both manage and run a new MGA, including product distribution, submission management, policy management, renewals, and first notice of loss (FNOL) processing. Speed and efficiency ... Read the full article
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